When the Madoff fraud, one of the largest scams in Wall Street history, broke out, the US administration moved with lightning speed. Bernard L. Madoff, the founder of Bernard L. Madoff Investment Securities, accused of committing a $50 billion fraud on its clients, was arrested within hours of the scam unfolding on December 11, 2008 and later released on a $10 million bail. The assets of his investment firm were frozen the very next day. A federal court launched the prosecution proceedings forthwith and ordered liquidation of Madoff’s business. A receiver was appointed to manage the firm’s financial affairs. To protect the interests of cheated investors, the court directed the clients to seek relief under a federal statute created for the purpose. If convicted, Madoff could face up to 20 years in prison and a maximum fine of $5 million.
Look at the way India is dealing with its biggest corporate fraud committed by Satyam honcho Ramalinga Raju. He has simply gone underground after confessing himself to the Rs8,000 crore fraud. None knows about his whereabouts. And no attempt seems to be under way to trace him even two days after he dropped the bombshell. The Hyderabad police say they have no complaint to proceed against Raju. All that the Andhra Pradesh Chief Minister Rajasekhar Reddy did was to appeal for the intervention of the Prime Minister, who, in turn, responded to his Chief Minister’s plea with a stoic silence!
The government ’s response to the unfolding of the Satyam scam has been muted. It appeared to be totally clueless about what to do in the aftermath of the Satyam scam. The 52-year-old Companies Act doesn’t have any provisions that enable the government to take swift and effective action in cases of large scale fraud.
The Serious Fraud Investigating Office(sorry, I am hearing about this high-sounding office only now), to which the Satyam scam is being referred by the Government, says it could take up to a year or longer to complete the probe into the Satyam fraud. Well, Madoff must be envious of the freedom and immunity enjoyed by Raju even after committing the mother of all corporate crimes in India.
`Satyam’ in Sanskrit means `truth’ . `Satyameva Jayate’(Truth alone triumphs) is the national motto of India.In the case of Satyam Computers, it took seven long years for the truth to triumph. It is not yet clear if the discredited Satyam chief Ramalinga Raju has said the whole truth or only the half truth about the financial fraud in his statement to the board of directors.
It is not the Rajus alone who concealed the truth from shareholders. Prima facie, the auditors and the directors too were a party to the blatant suppression of truth.It is quite unlikely that internal auditors were not in the know of the financial wrongdoings perpetrated in Satyam for years. Can the auditors merely wash their hands of saying the book of accounts is a primary responsibility of the management and auditors merely audit the documents provided to them by the management. The auditors need to explain what process they adopted in authenticating the inflated profits and fictitious assets referred to by Raju. If Satyam’s auditor PwC is a willing accomplice in the scam, it is a shame on India’s chartered accounting profession as a whole.
How can it be that none of the board members, past or present, had any knowledge of the actual state of affairs in Satyam? Was the Company Secretary, who is supposed to act as an advisor to the board, too unaware of the developments? If he was aware, what advice did he give to the board?It is hard to believe that India’s fourth largest IT Company gave a complete goby to ethics, corporate governance and transparency by falsifying the company balance sheet, considered the most sacrosanct document of a corporate entity.
If 26/11 was the result of total failure of intelligence, Satyam fraud was in no less measure the result of the collapse of the corporate surveillance machinery. What were auditing regulators like the Institute of Chartered Accountants of India (ICAI) and the Institute of Company Secretaries of India (ICSI), as also the Ministry of Corporate Affairs, doing to bring about checks and balances in company auditing.
According to the Companies Act, auditors are to be appointed by shareholders at the companies’ AGM, but in most cases the shareholders are not even aware who their auditors are because they are appointed by the management. Most management is hesitant to share sufficient data with the investors so much so the investors don’t have a clear idea of the ground realities.
After the Satyam scam, the shareholders will tend to take the company balance sheets only with a large helping of salt.
Source: India Syndicate
How many words do you speak during an average day? No, I am not talking about text messages, emails, or slang chatroom words, I am talking about words that actually come out of your mouth.
The average figure is 16,000 words. Even then, much of what we say can be meaningless chit-chat, brisk, necessary exchanges or even angry rants.
Here are ten things that we could all do with saying more often. While reading, I'll bet you believe the list is pretty simplistic. However, the positive impact they will have on your mood and your day is pretty dramatic.
1.) “Hello.”
How often do you sit silently next to someone on a train, or in a waiting room? How often do you stand tapping your foot in a line at the post office or bank? Just saying a simple “Hello” or “Hi” to the person next to you, and offering them a smile, could give you an instant mood-boost. And you might even get into a conversation to pass the time while you’re waiting.
2.) “Thank you.”
It’s hard to say “thank you” too often. Even when you feel someone’s performing a service that they should do by the nature of their job, thanking them will make both of you feel good. How about saying “thank you” to your employees or subordinates when they carry out a task for you, “thank you” to the girl at the checkout when she packs your bags for you, “thank you” to the waiter who brings your meals… Those two small words of gratitude can mean a lot.
3.) “Please.”
A word which we often associate with “thank you”, perhaps because we were taught to say both as young children, is “please”. Using this little word turns a demand into a request – and makes people much happier about fulfilling it. When you queue up for a coffee at Starbucks, don’t just bark “Venti Mocha Frappuccino” at the barista – add a “please”. When asking your partner to pass the salt at dinner, put in that “please”. It doesn’t just set a great example for your kids, it sets a tone of politeness and mutual respect.
4.) “Here, take my seat.”
Most of us are lucky enough to be fairly able-bodied and can easily stand on trains and buses without risking falling over. If you see someone elderly, pregnant or struggling in any way (perhaps a mother with a small child), offer them your seat. If you’re worried you’ll accidentally offend them, add a “I’m getting off soon” or something slightly jokey like “I could do with stretching my legs.”
5.) "This one’s on me.”
Out for drinks with a friend or acquaintance? Rather than insisting on splitting the bill straight down the middle, offer to buy for both of you. It’s nice to feel generous, and to feel that you’re receiving a gift – and your friend can reciprocate next time, if s/he wants. A note of caution: if you are a lot better off financially than your drinking partner, be sensitive about this.
6.) “Let me help you with that.”
If you see someone struggling, offer to help. They may rebuff you, but most people will be touched and grateful – you’ll get to make their day a little bit easier, which will put a dash of joy into yours. You might offer to help someone who’s:
->Struggling with getting a wheelchair up or down steps
->Lifting heavy luggage onto a train
->Carrying an overladen tray across a café
->Having difficulties reading a notice or leaflet
->Keep an eye out for other situations where you can make yourself useful!
7.) “I don’t think we’ve met. I’m [name].”
Many of us aren’t great at introducing ourselves. If you meet someone new, don’t just mumble about the weather or say nothing but “hi”; tell them your name, and ask theirs. It’s awkward to talk to someone for ten minutes before having to say “Sorry, I didn’t catch your name,” so be confident and upfront when meeting new people.
8.) “What I’m really passionate about is…”
So often, conversations revolve around matters of little consequence to both the speaker and the listener. If you feel that most of what you say is just small talk, try going deeper. Obviously, this doesn’t mean boring the person next to you on the bus with your entire life story – but when you’re getting to know someone, share some of your hobbies and interests, or tell them about your big life plans. You never know, you might have found a kindred spirit.
9.) “Have a great day!”
Although phrases like “have a nice day” can be overused by shopworkers and telesales staff, it’s still worth wishing people a good day, evening or weekend when you part. Speak with genuine enthusiasm, and you’ll almost certainly get a smile and a “thanks, you too!” in response – a great way to end a conversation on a high note.
10.) “I love you.”
Lastly, those three most important words; “I love you.” Do you say these enough to the people who you love? Don’t just think about your partner here – how about your kids, your parents, your grandma? It’s easy to assume that people “just know” we love them, but sometimes hearing those little words can really make someone’s day.
Written on 12/28/2008 by Ali Hale. Ali runs Alpha Student, a blog packed with academic, financial and practical tips to help students get the most out of their time at university.
-----Thumbnails-click to open-----
Russia's Kseniya Sukhinova won the Miss World 2008 crown on Saturday in a glittering African-themed pageant where she outshone 108 other international beauties. The 21-year-old blue-eyed blonde beauty, who declared shortly before her win was announced that being nervous made her "feel stronger," takes over from Zhang Zi Lin of China to become the 58th Miss World.
Parvathay Omanakuttan of India missed the crown by a whisker and was the 1st runner up. She brought pride to India after 8 long years!! Parvathy wooed the crowd by greeting them in the Afrikaans language, spoken by many in South Africa. She also referred to heroes such as Mahatma Ghandi and South Africa's first black president Nelson Mandela in her answer.
Gabrielle Walcott of Trinidad and Tobago was the 2nd runner up.
Also view Miss World 1st runner up Parvathay Omanakuttan's Photo Gallery
At the time of writing this post the NSG (national security guards) supported by the various military and paramilitary forces, Mumbai police, Hotel staff and many citizens have secured the Trident Oberoi hotel, The Nariman house and the final assault is going at the Taj Mahal hotel.
We are proud of our forces and wish them all the best for the operation. Our condolences to all who have lost their lives in this tragic incident.
Here are some pictures of the Bombay terror attack-
WARNING- Some images can be extremely graphic
